With the opening of the first Bitcoin futures ETF in the US this week, there was much speculation about the launch of an Ethereum ETF.
the Red oneSpeculation on Ethereum ETF
According to analysts, ETH should be the next digital asset to support an exchange traded fund (ETF). After all, the asset that trades on the regulated futures market like Bitcoin is the Chicago Mercantile Exchange (CME), which Gary Gensler, chairman of the U.S. Securities and Exchange Commission, previously suggested that it be required for any crypto-related ETF authorized.
Additionally, we also know that two major ETF providers, ProShares and VanEck, previously filed proposals for Ethereum-backed ETFs with the SEC, although both companies were subsequently asked by the regulator to withdraw their application. However, other ETH-based ETF proposals are still pending from the SEC, including that of Kryptoin Investment Advisors.
As with Bitcoin, the Ethereum ETF is also listed in Canada and is provided by CI Global Asset Management. In addition, several other exchange-traded investment vehicles that replicate the ETH price are listed in several European countries.
“Will now start the campaign for the SEC to approve the Ethereum ETF. Might as well be ahead of the crowd, because it’s finally coming. “said famous crypto trader Scott Melker, aka The Wolf Of All Streets, earlier this month.
Bitcoin ETF becomes Grayscale Bitcoin Trust rival amid potential Ethereum ETF rumors
And while speculation about a potential Ethereum ETF continues, the new Bitcoin ETF has become a serious contender for the Grayscale Bitcoin Trust (GBTC), which until this week was the primary managed Bitcoin investment vehicle in the US.
According to data from cryptanalysis firm Glassnode, the trust is currently trading at around a 20% discount on the market value of the bitcoins it holds, suggesting traders are turning away from the once popular investment vehicle.
Yesterday, Bloomberg’s chief commodities strategist also pointed out big discounts and bitcoin bull Mike McGlone, although he believes trusts are still a more attractive option for “types of money.”
However, as mentioned several times by Barry Silbert, founder and CEO of Digital Currency Group, Grayscale’s parent company, the trust has filed with the SEC to convert its shares into an ETF. That message was also repeated by Silbert on Twitter on Tuesday, where he emphasized that it is a spot-based rather than a future-oriented ETF that the company is aiming for.
Join our Facebook group and Telegram group Coincu News to chat with more than 10,000 other people and share information about the crypto currency market.
Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.